§47-25-5. Marking of Cigarette Packaging
(a) Cigarettes that are certified by a manufacturer in accordance with section four of this article shall be marked to indicate compliance with the requirements of section three of this article. The marking shall be in eight-point type or larger and consist of: (1) Modification of the product UPC code to include a visible mark […]
§47-25-6. Penalties
(a) A manufacturer, wholesale dealer, agent or any other person or entity who knowingly sells or offers to sell cigarettes, other than through retail sale, in violation of section three of this article, is subject to a civil penalty not to exceed $100 for each pack of the cigarettes sold or offered for sale: Provided, […]
§47-25-7. Implementation
(a) The State Fire Marshal or the State Tax Commissioner may promulgate rules, pursuant to the Administrative Procedures Act, chapter twenty-nine-a of this code, necessary to effectuate the purposes of this article. (b) The State Tax Commissioner in the regular course of conducting inspections of wholesale dealers, agents and retail dealers, as authorized under article […]
§47-24-2. Statement of Purpose
It is the intent of this legislation that elderly homeowners be permitted to meet their financial needs by accessing the equity in their homes through a reverse mortgage. The Legislature recognizes that many restrictions and requirements that exist to govern traditional mortgage transactions are inapplicable in the context of reverse mortgages. In order to foster […]
§47-24-3. Definition
"Reverse mortgage" means a nonrecourse loan secured by real property which: (1) Provides cash advances to a borrower based on the equity in a borrower's owner-occupied principal residence;
§47-24-4. General Rules for Reverse Mortgages
Reverse mortgage loans shall be governed by the following rules, without regard to the requirements set out elsewhere for other types of mortgage transactions: (a) Interest. A reverse mortgage may provide for an interest rate which is fixed or adjustable, and may also provide for interest that is contingent on appreciation in the value of […]
§47-24-5. Inapplicability of Related Statutes and Law
Reverse mortgage loans may be made or acquired without regard to the following statutory provisions or relevant interpretation of law: (a) Limitations on the purpose and use of future advances or any other mortgage proceeds; (b) Limitations on future advances to a term of years, or limitations on the term of credit line advances; (c) […]
§47-24-6. Treatment of Reverse Mortgage Loan Proceeds by Public Benefit Programs
Notwithstanding any law relating to payments, allowances, benefits or service provided on a means-tested basis, including, but not limited to, supplemental security income, low-income energy assistance, property tax relief, medical assistance and general assistance: (a) Reverse mortgage loan payments made to a borrower shall be treated as proceeds from a loan and not as income […]
§47-24-7. Consumer Information and Counseling
(a) No reverse mortgage commitment shall be made by a lender unless the loan applicant attests, in writing that the applicant received from the lender at time of initial inquiry a statement prepared by the commissioner of banking, in consultation with the board of the West Virginia Housing Development Fund, regarding the advisability and availability […]
§47-24-8. Regulatory Authority and Exemptions
(a) All reverse mortgage loans subject to this article shall be under the jurisdiction and supervision of the commissioner of banking, and subject to the regulatory authority and penalties set forth in chapter thirty-one-a of this code. (b) The commissioner of banking shall have the authority to promulgate rules in order to affect compliance with […]